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Nigel O’Neil the CEO of hockingstuart has departed after 8½ years’ service.
The formal announcement came late Friday afternoon.
Queries on his departure by Property Observer were deflected during the pre-Christmas party season with the agency's Keep Left publicists issuing a denial from the hockingstuart corporate office.
"To their knowledge, Nigel O’Neil remains in the position as CEO of the network," Keep Left advised, preferring its own announcement timetable. 
The subsequently issued board statement noted Nigel has made a significant contribution to the business during that time having grown the network to be the leading brand in Victoria.  
"The business is significantly stronger due to the development of a solid franchise system and processes that lead the industry.
"He also developed and implemented a number of new business lines including a utility connections service, a finance offering and a strata management operation."  
The board wished Nigel all the best for the future.
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jchancellor-FAypfDUnLy

Nigel O'Neil departs hockingstuart

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The trophy home at 3 Fulham Avenue in South Yarra has been listed for sale.
The grand <a href="https://www.realestate.com.au/property-house-vic-south+yarra-121728514" target="_blank">1900 Edwardian residence</a> sits on one of the largest land parcels in the Como Park precinct. 
Surrounded by 2240 sqm of established gardens, the house displays all the grandeur of the era it was built, with an imposing central reception hall, a library and a formal dining room, all accompanied by marble open fireplaces and high panelled ceilings.
The reception room with a built in bar leads out to the gardens, tennis court and the swimming pool which can be overlooked from the upper level terrace.
The accommodation wing has four bedrooms and three bathrooms. 
Expressions of interest close on February 23 with Marshall White agents Richard Mackinnon and Celeste Wright who are anticipating about $12 million. 
It last sold at $270,000 in 1977.
The avenue's last sale was in October 2015 when Hawthorn couple, Peter and Penny Inge spent $6.8 million on a 1160sqm corner holding.
Peter is the joint managing director of the Zig Inge Group which, before the sale of the business in 2007, was one of Australia’s largest and longest running retirement village businesses.
 
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Edwardian style trophy home listed in South Yarra

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GUEST OBSERVER
The RBA’s decision to leave the cash rate unchanged came as no surprise. 
Market pricing had implied very little chance of policy easing in February, largely because employment growth has lifted and the unemployment rate has been falling.      
The Governor’s Statement was the first commentary out of the RBA on the economy since mid‑December.  And it deviated from the usual carbon‑copy approach that was taken for most of the post‑meeting Statements over the second half of 2015.
In summary, the Bank appears a little less optimistic on the global economy and a touch more upbeat on the domestic economy.  Growth in the global economy is occurring at a “slightly lower pace than earlier expected”.  And financial markets have exhibited “heightened volatility recently” and “risk appetite has diminished”.   
On the domestic economy, the Governor notes that “expansion in the non‑mining parts of the economy strengthened during 2015 even as the contraction in spending in mining investment continued”.  
The Bank has acknowledged the marked improvement in the labour market.  Indeed, in December the Governor indicated that “stronger growth in employment” had been accompanied with a “steady rate of unemployment”.  This has now been replaced by a recognition that, “the unemployment rate declined in the second half of the year” even though the economy was growing below trend.  Critically, labour market developments will be the key input into near‑term policy direction (at least until the next read on inflation).  The Governor noted that, “new information should allow the Board to judge whether the recent improvement in labour market conditions is continuing”.  The Board will also assess whether, “the recent financial turbulence portends weaker global and domestic demand”. 
On inflation, the Governor acknowledged the impact that declining oil prices and some utilities have had on headline inflation.  But overall, consumer price inflation is expected to, “remain low over the next year or two”.  In December, inflation was “forecast to be consistent with the target over the next one to two years”. 
The Governor tweaked his commentary on the exchange rate, but the message remains the same. The AUD “continued its adjustment to the evolving economic outlook”. The AUD is currently 3.1% lower against the USD (1.8% lower on TWI basis) than it was when the RBA Board last met in December.  So monetary conditions have further eased. 
THE OUTLOOK
Our views on the labour market and inflation underpin our expectations that the cash rate will stay at 2.0% in 2016.  Inflation should drift a little higher as exchange rate pass‑through continues, though we expect it to be at the bottom end of the RBA’s target band.  On the unemployment rate, we see enough evidence in the leading indicators of jobs growth to suggest that the unemployment rate peaked in 2014.  We expect it to grind a little lower over 2016.
Markets, however, are still likely to continue to price in the chance of further RBA policy easing even though we don’t expect another rate cut to materialise.  This essentially reflects the balance of risks in the global and domestic economy, coupled with the RBA’s conditional easing bias.
The single biggest risk to the global economy is a hard landing in China which would have a material negative impact on the Australian economy.   Domestically, the continued decline in mining investment, soft income growth and weak public demand pose the greatest headwinds on growth. 
Market attention now quickly turns to the February Statement on Monetary Policy (SMP), published on Friday. In our view, the RBA is likely to leave its growth forecasts unchanged.  Near‑term headline inflation forecasts are likely to be downwardly revised due to lower oil prices.  But underlying forecasts should be left unchanged.  We expect the RBA’s unemployment rate forecasts to be revised down. 
Gareth Aird is economist at Commonwealth Bank and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/gareth-aird/14/790/905" target="_blank">here</a>.
 
 
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Domestic headwinds and any hard landing in China to determine RBA call: CBA's Gareth Aird

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GUEST OBSERVER
Here's the five numbers you need to know following the RBA’s decision to keep interest rates on hold at their first meeting for 2016.
10  
Tuesday’s outcome to leave rates on hold will see the cash rate at a record low of 2% for 10 consecutive months after the RBA’s last cut in May 2015.
3.89%
The lowest variable rate for owner-occupiers right now is 3.89% from Mortgage Simple. If your current rate isn’t as competitive as the rates offered by other lenders, it might be time to consider refinancing your home loan.
$42,467 
This is how much interest you could save by switching from a home loan with the average variable rate of 4.73% to the top variable rate on the market on a typical $300,000 loan over 25 years.
27
The number of basis points, on average, that lenders decreased 3 year fixed rates by in January. With plenty of competitive fixed rates on the market, fixing at least a portion of your home loan could be a good idea. 
6
This is how many lenders have reduced the rate premium for investors last month after the latest RBA lending figures showed investor mortgage balances grew within APRA’s capital regulations.
 
Kirsty Lamont is marketing director of <a href="https://mozo.com.au/" target="_blank">Mozo</a>.
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Mozo's five need-to-know numbers after the first RBA meeting for 2016: Kirsty Lamont

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If you pick up a newspaper these days, you had better have some Xanax handy. The headlines from China can be pretty scary.
But the truth is, the situation is more mixed than most fear-mongers would have you believe.
If you wear a miner's light on your hard hat when you go to work in the morning, then, sure, you have a right to worry that China's industrial economy could slow further.
But if you work or invest in real estate, or for that matter in the fields of education or tourism, you can rest easy.
You see, China has at least two different economies. The old industrial economy is slowing and being cleaned up. Even as the government moves to shut down polluting, outdated factories, consumer demand is booming, which means more buyers for Australian property, as well as for our tourism and education.
China doesn't rely solely on industry any more than Australia relies solely on mining. Industry only accounts for about 35% of GDP, but services account for more than half.
Credit Suisse sent me an interesting chart last week. It showed that China is importing about 20 percent less machinery and commodities like coal, but spending 80 percent more on international tourism. This is reflected in the fact that more than one million Chinese tourists came to spend their cash in Australia last year, the most ever.
Australia's educational sector is our number one export, after coal, iron ore and natural gas. Chinese outnumber all other foreign students in university, English-language, secondary and nonaward classes.
This is the same scenario we are seeing in real estate. With Chinese developers committed to billions of dollars of residential new construction in Australia, and Chinese buyers purchasing off-the-plan in large numbers, Australia finally has something it has been missing for decades: money to build.
Awe have spent years in a housing affordability crisis, but Chinese capital is finally making it possible to construct enough new homes to meet market demand.
In the past decade, China supported Australia's economy by funneling huge amounts of cash into our mining industry. In the coming decade, it looks like it will do so via real estate, education and tourism.
It's no coincidence that the famous Sydney Harbour Bridge Climb now offers a sky-high karaoke option for Chinese tourists.
Here's something that will make that shift sweeter: tourism, education and construction keep more than 2 million people working in this country, while mining just provides jobs for fewer than 200,000.
China's current expansion won't last forever, but experts like UBS global CEO Sergio Ermotti believe the rise of the Chinese consumer could last as long as did the commodities boom we just lived through.
Even at a pessimistic growth rate of 6.5 percent, China's economy will double in size by 2032.
Andrew Taylor is the founder and chief executive officer of sales and marketing at <a href="https://www.juwai.com/" target="_blank">Juwai.com</a>, the number-one Chinese real estate portal for property in Australia and around the world. Find out more about him <a href="https://list.juwai.com/" target="_blank">here</a>.
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The bad news from China is good for property: Juwai's Andrew Taylor

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The prime Barangaroo harburside location of the current dining sensation, Noma Australia pop-up has already been leased to award-winning restaurateur, Brent Savage, the Sydney Morning Herald Good Food Guide 2015 Chef of the Year, and the sommelier and restaurateur Nick Hildebrandt.
They have signed a lease for the space for a yet-to-be-named seafood restaurant that will open in September at the base of the white, cloud-shaped Anadara building in the Lend Lease built precinct.
The building was designed by FJMT’s Richard Francis-Jones.
‘‘We’ve long toyed with the idea of a seafood-focused restaurant,’’ Savage told The Australian Financial Review.
Barangaroo is credited as set to have the biggest collection of food and beverage retailers in Australia, according Lendlease.
There will be a three storey restaurant headed by celebrity chef Matt Moran whispered to have the working title, Mash.
Gary Horwitz, the head of retail development and asset management for Lendlease, said Sydney-siders are very familiar with their restaurants, Bentley, Monopole and Yellow.
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Brent Savage and Nick Hildebrandt to take on Noma, Barangaroo space

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GUEST OBSERVER
The rotation in economic activity towards the non-mining states is continuing, while conditions in mining states have become more challenging as commodity prices have fallen further.
• In terms of domestic demand, NSW and Victoria will be the most solid performers, with growth gradually improving. 
Both will receive less impetus from housing activity and prices in FY 2016-17. 
Notwithstanding this, our central case remains for solid (though unspectacular) employment growth and lower petrol prices to sufficiently support household incomes and consumption (despite ongoing subdued wages growth). 
• The AUD is acting as a stabiliser, although the troubled global backdrop presents downside risk to all states and territories. 
Further depreciation of the AUD to USD66c will continue to improve the competitiveness of export-oriented and import-competing firms to varying degrees. 
This will be particularly helpful for services sectors, including those benefiting from tourism and international student arrivals such as hospitality, retail and education. 
States for which tourism-related activity makes up a large proportion of the economy such as Tasmania and Queensland will be particularly supported. 
Tourism and education are also bright spots for NSW, Victoria, South Australia and the NT. 
While not our core view, a sharper global slowdown could lower demand for travel to Australia, education exports and Australian property, particularly if the household sectors in China and East Asia come under stress. 
Queensland and the Northern Territory will outperform in terms of overall gross state product in coming years as LNG export volumes ramp up.
However the outlook for associated income and government revenue has deteriorated as commodity prices have dropped further, and any residual mining-related investment in the pipeline is unlikely to proceed. 
Western Australia is more advanced into the mining investment downturn, with broad-ranging effects to continue across the states’ economy in 2015-16, before LNG export volumes come through in subsequent years, but to a lesser extent than previously forecast. 
A restrained approach towards non-mining business investment is likely to persist across all states in coming years.
Recent equity market volatility and uncertainty about future taxation arrangements are likely to add to this air of caution, particularly given firms continue to demand a restrictively high rate of return on investment. 
 
• An overview of the outlook for each state and territory is in the attached document. Links to individual handbooks for each state and territory are available at the links below. 
• <a href="https://business.nab.com.au/wp-content/uploads/2016/01/NSW_Jan16.pdf">New South Wales</a> will remain the standout in terms of domestic demand. Robust employment growth will be supportive of household spending, while business conditions and capacity utilisation remain elevated, particularly across services sectors. The challenge for NSW will be maintaining robust growth as momentum from the housing sector begins to fade through 2016.
• <a href="https://business.nab.com.au/wp-content/uploads/2016/01/VIC_Jan16.pdf">Victoria</a> will also continue to experience solid domestic demand growth, and is also well positioned to take advantage of the lower AUD in its tourism and education sectors. Strong employment growth will support consumer spending, although there will be less impetus from the housing sector through 2016. 
• In <a href="https://business.nab.com.au/wp-content/uploads/2016/01/QLD_Jan16.pdf">Queensland</a> , the sharp decline in mining investment will be offset by exports, although lower LNG and coal prices will reduce the export earnings, profitability and government revenue. Meanwhile, key tourist destinations are benefiting from the lower AUD (with interstate visitor arrivals particularly strong). Domestic demand growth is slowly improving. More attractive rental yields and housing affordability than in NSW and Victoria are driving dwelling investment in Brisbane.
• <a href="https://business.nab.com.au/wp-content/uploads/2016/01/WA_-Jan16.pdf">Western Australia</a> is well into the throes of the mining investment downturn, which is having a dramatic impact across many segments of the economy. Offsets from stronger mineral export volumes helped to prop up Gross State Product (GSP) growth in 2014-15, but big declines in state final demand have had a major impact on the state’s labour market and asset prices. These trends are expected to continue given the lack of momentum in non-mining sectors. A ramping-up in LNG exports in subsequent years should see growth lift, but by less than previously forecast.
• <a href="https://business.nab.com.au/wp-content/uploads/2016/01/SA_Jan16.pdf">South Australia</a> continues to underperform, challenged by unfavourable demographics and the structural decline of its manufacturing base. Business conditions remain weak, with the retail sector and some improvement in tourism rare bright spots.
• <a href="https://business.nab.com.au/wp-content/uploads/2016/01/TAS_Jan16.pdf">Tasmania</a> – while the outlook has improved over the last year, thanks in large part to a pick-up in business investment and strong domestic tourism, recent data suggest that the recovery may be losing a little steam. 
• <a href="https://business.nab.com.au/wp-content/uploads/2016/01/ACT_Jan16.pdf">Australian Capital Territory</a> – the economy is gradually recovering from the recent fiscal tightening and public sector job cuts. The labour market has shown promising signs of improvement, and together with a modest pick up in population growth will support household consumption and dwelling investment. 
• <a href="https://business.nab.com.au/wp-content/uploads/2016/01/NT_Jan16.pdf">Northern Territory</a> - Growth will remain strong in coming years as the Icthys LNG project commences export. Medium-term the economy will struggle to replace this source of income and employment, despite the lower AUD supporting tourism.
 
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A delicate re-balancing act: NAB's Alan Oster

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John Symond, executive chairman of Aussie Home Loans, says the RBA was unlikely to raise rates today particularly given the volatility of global equity markets.
I think central banks around the world will be very very careful in what they do with interest rates," he told Ross Greenwood's Money News radio program.
Ross Greenwood asked him whether the backdrop for banks to have more capital and restrict lending could mean higher rates, John Symond replied by saying that that's been the talk for probably the past three or four months.
"It would not surprise me if over the next few months that the banks creep up their lending rates, but I don't think they'll go through the roof."
"They may go up another 0.1 or 0.15 but at the moment I think consumers want every bit of help they can get to give them that bit of confidence."
The impact the RBA and the banking regulators limit in the growth the number of investment property loans had been significant when it came to on the hotter markets in Melbourne and Sydney last year.
"It has had a huge impact," Symond noted.
"I can tell you just from our own business that the amount of loans to investors has fallen significantly and has dampened the enthusiasm for investors to get in."
"It's not like investors are lining up and saying will you lend us some money, they've tended to fall away."
"The APRA moves to curtail investor lending has certainly been effective."
Ross Greenwood asked John Symond's point of view, despite his number of loans decreasing, whether he felt if it is a good thing so the prices didn't race out of control.
"I think all in all the market has accepted it in a pretty positive way and prices are continuing is levelling off," he said.
"I'm not one to not want price increases to be as sharp as they have been."
"The property market is levelling out and becoming a more healthy market."
<a href="https://www.propertyobserver.com.au/https://www.2gb.com/audioplayer/151441" target="_blank">The full interview can be heard here.</a>
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Not through the roof, but John Symond thinks banks might raise rates

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ASIC has started legal action in the Federal Court of Australia against German construction group holding company Hochtief Aktiengesellschaft (Hochtief AG), seeking a declaration of contravention and a financial penalty order against the company for insider trading.
ASIC’s action centres on the early 2014 on-market acquisition of ordinary shares of Leighton Holdings Limited (now called CIMIC Group Limited) (ASX code: LEI) by Hochtief AG's subsidiary, Hochtief Australia Holdings Limited (HAHL).
ASIC alleges that Hochtief AG contravened the insider trading provisions of the Corporations Act by procuring HAHL to acquire LEI when, on, 29 January 2014, it varied previous instructions to acquire a large parcel of LEI (by pushing out the last day to purchase the shares from 31 January 2014 to 14 February 2014) while it was in possession of insider information, being that Leighton Holdings Limited's 2013 financial results were likely to be at the high end of previous earnings guidance.
Hochtief AG has admitted the alleged contravention. 
The proceedings will be listed for a directions hearing in the Federal Court in Sydney on a date to be advised.
Background
HAHL is ultimately owned and controlled by Hochtief AG which, in turn, has as its majority shareholder one of the world's leading construction companies, the Spanish company ACS Actividades de Construcción y Servicios S.A.
HAHL is operated by Hochtief AG as a vehicle to hold, acquire and dispose of securities and other financial products, including LEI, for Hochtief AG.
A Form 604 ‘Notice of Change of interests of substantial holder’ dated 5 February 2014 and filed with the ASX disclosed HAHL's relevant share acquisitions.
On 20 February 2014, Leighton reported its FY2013 Underlying NPAT was up 30% on FY12 to $584M, which was within guidance. The company also reported NPAT of $509M, which was up 13% on FY12.
On 19 February 2014, LEI closed at $16.41. On 20 February 2014, following the results announcement, LEI opened at $18.30 and traded as high as $18.40 and as low as $16.90 before closing at $17.21, or up 4.88% on the previous day’s close.
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ASIC pursues Hochtief AG over insider trading contravention

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Most Australian property markets saw modest growth in 2015, according to Residex.
Sydney was again the exception – given houses and units achieved annual growth of 18.36% and 13.48% respectively.
Melbourne houses also recorded strong annual growth of 13%.
Perth houses saw an unexpected surge of 2.30% in the month of December, while Adelaide, Hobart and ACT houses showed steady capital growth over the last 12 months.
"The end of 2015 marked the end of the Sydney housing boom," Residex advised.
The upswing in the current cycle lasted almost two years and, in real dollar terms, the median house increased by approximately $375,000.
Historically, Sydney has been the leader of growth with the Melbourne and Brisbane markets following.
Given this, the Melbourne house market could peak sometime in the first quarter of 2016 while Brisbane could follow later in the year. However, global economic trends and a national crackdown on speculative buying may hamper growth for these other east coast cities.
Table 1 shows the capital growth, rent and sales summary for December 2015.
Table 1: December 2015 Summary
<a href="/images/2016/02/02/Table_1_Capital_City_Summary.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/02/Table_1_Capital_City_Summary.jpg" alt="">
Source: Residex
Graph 1 shows the monthly capital growth trend of Sydney and Melbourne. The graph depicts Melbourne’s peak growth in houses following Sydney.
Graph 1: Monthly Capital Growth Trend: Sydney and Melbourne  
<a href="/images/2016/02/02/Graph_1_Monthly_Growth_Sydney_Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/02/Graph_1_Monthly_Growth_Sydney_Melbourne.jpg" alt="">
Source: Residex
Residex suggested it was difficult to say what exacerbated the last upswing in Sydney and whether similar factors will impact other major dwelling markets.
"Many have speculated and reported anecdotes of Chinese foreign investment pushing up real estate values," Eliza Owen, the market analyst for Residex/Onthehouse.com.au said.
"There is currently no reliable dataset in existence that documents foreign investment in Australian residential real estate, so it is not rigorously sound to say that this contributed to the enormous value increases.
"In any case, the People’s Bank of China has placed restrictions upon citizens taking capital out of China to encourage investment within their own country (citizens are permitted to take just US$50,000 out of the country each year. This action could limit the growth experienced in other Australian cities.
"It is also not necessarily true to say that speculative domestic investment bid up the market.
"However, there is some evidence suggesting that investors became more active than owner occupiers in the latest housing boom."
The ABS collects data on the amount of money lent for the purposes of owner occupation versus investment. In recorded history, 2014 was the first time investor loans overtook owner occupier loans. Graph 2 presents this dataset over the last 5 years. It is worth noting that the figures in Graph 2 are for Australia wide lending, so the phenomena of investors overtaking owner occupiers may not be specific to the Sydney market.
Graph 2: Significant Lender’s Finance Commitments to Investors vs. Owner Occupiers
<a href="/images/2016/02/02/Graph_2_Investors_v_Owner_Occupiers.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/02/Graph_2_Investors_v_Owner_Occupiers.jpg" alt="">
Source: ABS Catalogue Number 5609.0 – Housing Finance, Australia Note: Excluded refinancing for owner occupiers
 
The graph suggests that either investors were paying more money for dwellings or investors were buying a higher volume of dwellings at this time.
Theoretically, investors who owned property in Sydney could have continued to bid up prices in the market while interest rates were low. The ability to borrow equity against property facilitates this – the higher property prices go, the more equity investors have to purchase new dwellings.
In July 2015, the Australian Prudential Regulation Authority (APRA) announced regulations<a href="https://blog.residex.com.au/2016/01/29/january-market-update/?utm_source=membersNewsletter&amp;utm_medium=email&amp;utm_campaign=Cid=ResiJanNews16&amp;mc_cid=9124f9ec50&amp;mc_eid=1c64ff30b3#footnote-3">[3]</a> that would require lenders to hold more capital against home loans. By the beginning of July 2015, a downswing in the Sydney market had begun. Sydney house values fell 0.14% in the month of December, the first fall in the aggregate market since January 2014.
One of the criticisms of APRA’s decision was that it was not specific to the rapidly growing markets of Sydney and Melbourne.
However, of the 514,066 sales Residex recorded across Australia for 2015, approximately 20% were in the Sydney metropolitan region and a further 20% were concentrated in the Melbourne metropolitan.
"If anything, high home loan rates may have caused investors to spread their wealth among more affordable cities across the country."
Property developers Stockland and Mirvac have reported that there are Sydney buyers interested in Brisbane apartments.
Private developers have also recorded Sydney buyers making up as much as 40% of investment in new developments.
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Brisbane property set for price peak in late 2016: Residex

Brisbane-based developer <a href="https://www.apartments.com.au/developers/azure">Azure</a> is has been greenlit for its $115 million residential project within the Gold Coast Health and Knowledge Precinct in Southport

Following the acquisition of the site at <a href="https://www.apartments.com.au/new-townhouses/1-clarke-street-southport-qld-4215">1 Clarke Street</a> in October 2025 with development application Lodgement in January 2026, Azure has been granted approval for the 114 terraces which will form the final stage of the wider Lumina development.

“It’s a fantastic milestone for us to receive the green light on our second Gold Coast project,” said Trent Keirnan, Founder of Azure.

“The Gold Coast continues to evolve, with demand for considered, high-quality residences at an all-time high. This project has been thoughtfully shaped to respond to that demand.

“We’ve worked closely with Economic Development Queensland to bring this project forward, and the collaboration has been both proactive and highly considered. Their shared commitment to quality housing outcomes has enabled a streamlined approvals process and a strong result for the precinct.”&nbsp;

Appealing to a wide demographic, the project will deliver a range of two- and three-storey designs comprising a collection of three-bedroom terrace homes as well as one- and two-bedroom apartment-style residences. The designs by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>&nbsp;focus on&nbsp;“urban coastalism”.

Residents will have access to an array of lifestyle amenities, including a resort-style pool with multiple lounging zones and landscaped gardens.

The residential offering will support the thriving Health and Knowledge Precinct, which includes Griffith University, Gold Coast University Hospital, Gold Coast Private Hospital and the new RDX Lumina and Proxima Towers, which are home to a range of health, education and research tenancies, including a 200-place childcare centre.

Azure aims for an off-market release for the project in the third quarter of this year, at the same time as construction is anticipated to start.

Joel Robinson

Azure approved for new townhouse development in Southport

Fortis has secured approval for a 57-room hotel at Richmond Square, marking another milestone in the delivery of the $330 million mixed-use precinct in Melbourne's inner east.

The hotel will occupy Levels 1 and 2 of Carmine House and forms part of Fortis' vision for Richmond Square, a precinct that will bring together apartments, hospitality, wellness and lifestyle offerings between Richmond and Cremorne.

Once complete, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> will comprise 107 residences across Wiltshire House and Carmine House, alongside the hotel, hospitality venues, wellness facilities and a range of services aimed at both residents and visitors.

[smartcode_project:default project_id=13181 project_image_fid=348529]

The approval adds another layer to what Fortis is creating at Richmond Square, as developers increasingly look beyond standalone apartment buildings and towards mixed-use precincts that provide amenity and activation beyond the front door.

Jordan Winada, Head of Acquisitions (Commercial) Victoria at Fortis, said the approval was an important step in delivering the broader vision for the project.

"Richmond Square has always been about creating a destination rather than simply delivering residential apartments," Winada said.

"As buyer expectations continue to evolve, we're seeing increasing demand for developments that offer convenience, connection and access to high-quality experiences and amenity as part of everyday life.

"The hotel approval allows us to further realise that vision and create a precinct where residential living is complemented by hospitality, services and amenity in a way that is rarely seen in Melbourne's CBD and city fringe."

[smartcode_project:default project_id=13181 project_image_fid=348530]

The hotel will also support a range of optional services for residents of Carmine House, including housekeeping and linen refresh programs, laundry and dry-cleaning services, in-residence food and beverage delivery, grocery and pantry stocking services, and concierge assistance.

The approval comes as owner-occupiers continue to dominate Australia's new apartment market, with buyers increasingly seeking developments that offer convenience, flexibility and lifestyle amenity alongside their homes.

Winada said buyers are now placing greater emphasis on the broader precinct and surrounding amenity when making purchasing decisions.

"Residential amenity is no longer limited to what sits within an apartment building. Buyers are increasingly assessing the broader lifestyle ecosystem surrounding their home and the ways in which a precinct can support their day-to-day needs.

"Richmond Square has been designed to provide that experience through a carefully curated mix of residential, hospitality and lifestyle offerings that work together to create a more connected way of living."

[smartcode_project:default project_id=13181 project_image_fid=348534]

The hotel is expected to open in early 2027, with the operator to be announced later this year.

Further hospitality, retail and lifestyle tenants are also expected to be revealed in the coming months as Fortis continues to shape the offering at Richmond Square.

[smartcode_project_cta:default project_id=13181]

Fortis approved for hotel component of Richmond Square precinct

Having successfully expanded into a new region with its Caloundra apartment development, Sunset by Dusk Group, growing South East Queensland developer Dusk Group is again venturing into new territory.

The developer has lodged plans for a 70-apartment project in the Moreton Bay region, to be known as <a href="https://www.apartments.com.au/new-apartments/sunrise-on-sutton-25-sutton-street-redcliffe-qld-4020">Sunrise on Sutton</a>, named after its prime Sutton Street location, just one street back from Suttons Beach.

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Dusk Group Directors Huw Feeney and Anthony Short seized the opportunity to acquire the near-1,800 sqm amalgamated corner site at Sutton and Ella Streets for their first project in the area.

They have again enlisted MAS Architecture Studio, the architects behind Sunset by Dusk, to design the new eight-storey development.

The building will comprise a mix of one, two and three-bedroom apartments and has been designed to maximise views towards Suttons Beach, Margate Beach and Moreton Bay.

Pending approvals, the project could launch before the end of the year.

<img alt="Dusk" data-entity-type="file" data-entity-uuid="90c0c26c-096c-4ceb-8c58-f8303aea542f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-15%20at%209.20.49%E2%80%AFAM.png?VersionId=nw8bqQtpOrf5nA95tuYhtqdB59YUzmO0" />

The development will provide 111 car parking spaces and 40 bicycle spaces.

Positioned within walking distance of Suttons Beach, Bluewater Square, Redcliffe Hospital and the Redcliffe Paceway, the development will sit within one of the peninsula's increasingly urbanised coastal pockets.

Redcliffe's new apartment market remains exceptionally tight, with Gardner Vaughan Group's One Redcliffe currently the only new apartment development actively being marketed in the beachside suburb.

It's another beach-focused development for Dusk Group, who has seen considerable success at its Caloundra apartment development, <a href="https://www.apartments.com.au/new-apartments/sunset-by-dusk-group-caloundra-5-7-bombala-terrace-caloundra-qld-4551">Sunset by Dusk Group</a>.

Over 80 per cent of the 36 apartments have sold ahead of its early 2027 completion.

&nbsp;

First look: Dusk Group targets Suttons Beach precinct with 70-apartment Redcliffe proposal

Leading Brisbane developer <a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group (CPG)</a> has completed and settled $450 million worth of apartments at Monarch Residences in Toowong, marking one of Brisbane’s most significant and prestigious riverfront residential completions in recent years.

The final apartment at Monarch sold at auction on the 30th May for $4.1m.&nbsp;

The milestone has been marked at a ribbon-cutting ceremony at <a href="https://www.apartments.com.au/buildings/monarch-residences-toowong-600-coronation-drive-toowong-qld-4066">Monarch Residences</a>, with Cr Penny Wolff highlighting the importance of completing major residential projects to boost the city’s much-needed housing supply.

The 224 apartments, delivered across two 15-level towers, are now officially in the hands of owners, including Brisbane downsizers, families and professionals who have traded traditional houses for apartment living. The completion underscores sustained demand for absolute riverfront living in Brisbane’s inner west.

<img alt="$450M Monarch Residences sells out as Brisbane riverfront demand surges" data-entity-type="file" data-entity-uuid="56ae05e9-092f-41f0-98a1-a10984fdd171" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ROBNN_MONARCHLAUNCHEVENT-131.jpg?VersionId=p76J6weGZqseNrE6aOAjmAHUah.y65Gd" />

Monarch Residences was planned and delivered over four years on a 1.2-hectare parcel with more than 130 metres of direct frontage to the Brisbane River, occupying one of the last remaining true riverfront sites of its scale and orientation within close proximity to the CBD. The site has been transformed from an underutilised, derelict block of land, into a thriving residential precinct with Middenbury House at its centre.&nbsp;

Consolidated Properties Group CEO and Chairman Don O’Rorke says the project’s completion represents the culmination of years of careful planning, design collaboration, market conviction and outstanding team delivery.

“We announced Monarch Residences in late 2021 and it’s been one of the most strongly received residential projects in our 45-year history,” Mr O’Rorke said.

"We are incredibly grateful to the outstanding team who helped bring Monarch Residences to life. A special thank you to Hutchinson Builders and their hardworking labour force for delivering a development of exceptional quality that our residents will be proud to call home for many years to come.

“Brisbane City Council and Titles Queensland also played a huge role in getting residents into their homes early through the pilot programs they ran to speed up the approval processes. They understand the challenges of the housing industry and are doing something about it.”&nbsp;

[smartcode_project:default project_id=113455 project_image_fid=211466]

Consolidated Properties Group Head of Residential, James MacGinley said Monarch Residences showed what could be achieved when private industry and government worked together to deliver new housing for Brisbane.

“Monarch Residences has delivered more than 200 new apartments in Brisbane’s inner-west at a time when additional housing supply is critically important,” MacGinley said.

“It’s fantastic to see residents now moving into this landmark riverfront development, which reflects the strength of collaboration between Council and the project team throughout delivery.

“All government agencies played a significant hand in achieving a fast-tracked outcome for Monarch Residences with Brisbane City Council, Urban Utilities, Energex and Titles Queensland assisted to remove hurdles to achieve settlements.”

[smartcode_project:default project_id=113455 project_image_fid=302326]

With Monarch Residences now complete, CPG has launched River Living, a bespoke on-site property management service designed to enhance the resident experience. The service will support all future CPG residential projects, including the recently announced <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> in Yeerongpilly and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a> in Newstead.

The completion also marks the opening of a prized leasing opportunity at the heritage-listed Middenbury House, built in 1865 and which has been carefully restored and integrated into the broader masterplan.&nbsp;

CPG said the adaptive reuse of the landmark riverfront residence presents an opportunity to introduce a complementary boutique tenancy that respects the site’s historic significance while activating the riverfront frontage.

[smartcode_project:default project_id=113455 project_image_fid=211495]

Colliers Director of Residential Andrew Scriven said the move-in phase highlights continued demand for completed premium riverfront apartments in Brisbane.

“Residents are now experiencing firsthand the scale, craftsmanship and irreplaceable riverfront position that Monarch offers,” Scriven said.

“Opportunities to secure a brand-new, completed residence on Brisbane’s absolute riverfront are exceptionally rare. Combined with the proven track record of Consolidated Properties Group and Hutchinson Builders, combined with a design vision brought to life by some of Australia’s leading architects and designers, Monarch represents a unique opportunity to purchase a home of enduring quality and prestige.”

Monarch Residences was designed in collaboration with Melbourne-based architect Wardle Studio, alongside leading national practice Cottee Parker, with construction delivered by Hutchinson Builders.

[smartcode_project_cta:default project_id=113455]

Consolidated Properties Group sells out Monarch Residences as Brisbane riverfront demand surges

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Jonathan Chancellor

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